Report: Wal-Mart sees big opportunities in emerging markets

New York - Wal-Mart Stores sees more opportunity in emerging markets than in Europe, the company’s international CEO Doug McMcMillion told Bloomberg.

“China is top of the list, and Brazil is not far behind” to make deals, McMillon said in an interview on Bloomberg Television’s “InBusiness With Margaret Brennan.” The retailer is being “patient” about finding the right way to expand in Russia, McMillon said.

Wal-Mart plans to let South Africa’s Massmart Holdings Lts. lead its expansion in the sub-Saharan region, according to the report. Wal-Mart will seek to buy 51% of the Johannesburg-based company.